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Bank of America Fee Reversal Will Spur Copycats

NEW YORK (
TheStreet) --
Bank of America(BAC - Get Report)'s decision to back away from fee increases for many of its customers is likely to persuade competitors to take similar steps if history is any guide.

This time around, however, Bank of America appears to be out in front of its competition in backing down from fee hikes.
The Wall Street Journal, which
reported Bank of America's decision on Sunday , states that other banks, including JPMorgan and Wells also have plans to increase fees charged to consumers.

Email messages to spokespeople for Wells and JPMorgan weren't returned, but don't be surprised to see those institutions pulling the plug on their planned fee increases in the coming days. None of these big banks wants to stand out as the Scroogiest of the bunch.